sebi:VSS/AO-31/2009
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Facts / Headnote
Penalty of Rs. 40,000 imposed on the Noticee for violation of regulation 8(2) of SAST for financial years 2002-03 and 2004-05
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 6
- Reg. 2(1)(c)
- Reg. 2(1)
- Reg. 21
- Reg. 8(2)
Parties
- Bharat Nagindas Lakhani
Holding
The Noticee, as a member of the Board of Directors of Yashraj Securities Ltd., was a 'person having control over a company' under regulation 2(1)(c) of SAST and was therefore obligated under regulation 8(2) of SAST to make yearly disclosures; his failure to do so for financial years 2002-03 and 2004-05 warranted a penalty of Rs. 40,000 under section 15A(b) of the SEBI Act.
Full text
Page 2 of 14 2. Upon examination of the offer document pertaining to the aforesaid open offer, it was alleged that, Mr. Bharat Nagindas Lakhani (hereinafter referred to as “Noticee”) had failed to comply with regulation 8(2) of SAST for the financial years 2002-03 and 2004-05 and consequently, liable for monetary penalty under section 15A (b) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”). APPOINTMENT OF ADJUDICATING OFFICER
Page 3 of 14 and Non-Executive Director in the company. I had never done any transactions in the shares of the company, since I am a retired person since the last ten years. I had filed the information regarding the number & percentage of shares held by me on 31-03-2003, 31-03-2004, 31-03-2005 with the company on 03-04-2003, 07-04-2004, 07-04-2005 respectively.
Page 4 of 14 7. The issues that arise for consideration in the present case are : i. Whether the Noticee had violated regulation 8(2) of SAST for the financial years 2002-03 and 2004-05?
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Source: SecMarx — sebi:VSS/AO-31/2009. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.